Chinese Electric Car Maker BYD Surpasses Tesla in Revenue

Chinese electric vehicle manufacturer BYD has reported significant revenue growth for the year 2024, surpassing Tesla's earnings. According to details revealed in a stock filing, BYD recorded revenue of 777.1 billion yuan (approximately ₹9.15 lakh crore) in 2024, exceeding Tesla’s revenue of ₹8.30 lakh crore. The company has also been expanding its presence in international markets.

BYD has established itself as a leader in the Chinese electric vehicle market, achieving a 29% increase in revenue compared to 2023. This figure exceeded Bloomberg’s projection of 766 billion yuan. The company's net profit reached a record 40.3 billion yuan, reflecting a 34% increase from 2023.

Recently, BYD introduced a new battery technology that enables a vehicle to travel up to 470 kilometers with just a five-minute charge. Following this announcement, BYD’s share prices surged. The company stated that its latest battery and charging system can deliver a charging capacity of 1,000 kW, making it faster than Tesla’s Superchargers, which currently offer charging speeds of up to 500 kW.